Link your accounts safely and securely
Open Access allows authorised third parties to access account information such as transactions, beneficiaries, product information and balances. Consumers, of course, give prior consent to initiate payment functionality and will be able to revoke permissions at any time.
From 12th September 2019, WorldFirst clients with a World Account will be able to link their accounts with authorised third parties, enabling them to share their information with authorised providers with ease and within a secure environment.
How the process works at WorldFirst
- If you want to access your World Account information and initiate payments via approved third parties, you’ll first need to select ‘WorldFirst’ from a list of providers on the third party’s site
- You will then be redirected to a WorldFirst page for Secure Customer Authentication (SCA)
- The first step will need your username and password
- The second step will be to provide a one-time, six-digit passcode via text message as part of the SCA process
- Upon successfully entering the passcode, you will be authenticated and will then need to grant consent and approval of World Accounts on the third party interface. (NB. This only applies if third parties are account aggregators)
- If the third party is also a payment initiator, then you can also make a payment – in which case you’ll be redirected to WorldFirst where you need to apply SCA in order for the payment to be authorised.
Knowing what qualifies as an authorised third party
WorldFirst will be automatically validating eIDAS certificates to check if a third party is authorised by their National Competent Authority for relevant access to account data.
The benefits of open access
There are plenty of benefits of open access. These are:
- You have greater control over their financial data
- It’s a secure and innovative means of sharing financial data with regulated organisations outside of the big banks
- You are provided with a simple and intuitive experience
- It increases market competition and creates more market choice
- It will also allow for easier access to new financial services providers with increased security in the future
Find out more from our experts
For any technical questions, please contact the team by emailing PSD2support@worldfirst.com and we’ll be happy to support you further.